Read this BEFORE investing!
Here are the 5 things you should do before investing that will help you strategically with your money goals.
- Understand your current cash flow and net worth. What is your income and expenses every month? What are your assets and liabilities? Understanding this is key before you put your money anywhere else!
2) What are your financial goals? Do you want to retire early? Do you want to take that luxury vacation? This will help you understand how aggressive your investing strategy should be.
3) Pay off high interest debt! If you have low interest debt, investing will help you pay it off faster. However with high interest, you may not make the returns through investing to offset the interest (especially as a beginner)
4) Have a cash emergency fund! This is your rainy day fund in case life gets difficult temporarily!
5) Understand all investing options to make more informed decisions. I.e. There are many funds that you can buy on your own that outperform the actively managed (high fee) funds!
Overall, start tackling these 5 and you’ll be in a great spot to start investing!
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